Shares of fertiliser and agrochemicals companies were trading higher by up to 10% on the BSE in intra-day trade after the private weather forecasting agency Skymet said this year monsoon could be ‘normal’ and expected to be 100% of the long period average.
& Petrochemicals Corporation, Gujarat Narmada Valley Fertilizers & Chemicals (GNFC), Nagarjuna Fertilizers and Chemicals, Madras Fertilisers, Zuari Global, Aries Agro, National Ferilisers, Excel Crop Care and Jubilant Industries were up 2% to 10% on the BSE. On comparison, the S&P BSE Sensex was trading 0.36% higher at 33,492 points at 10:52 am.
Monsoon rains in India are expected to be average in 2018, the country's only private weather forecasting agency said on Wednesday, raising prospects of higher farm and economic growth in the $2 trillion economy, Asia's third-biggest, the Reuters report suggested. CLICK HERE TO READ FULL REPORT
The state-run India Meteorological Department will come out with its monsoon forecast in mid-April.